Trading behemoth eToro recently published its latest quarterly report for cryptocurrencies titled “The State of Digital Assets Q1 2020.” Interestingly, data from the report suggests that XRP is the most popular cryptocurrency among the platform’s user base as more than half of them hold Ripple Inc.’s digital token.
eToro Users Big on XRP
Cryptocurrency exchange platforms are typically dominated by digital assets including Bitcoin (BTC) and Ether (ETH), thanks to their immense popularity among the crypto-enthusiasts.
While Bitcoin is the original “poster boy” of digital currencies, the brainchild of Satoshi Nakamoto, Ethereum is the undisputed leader of smart-contracts and has opened myriad opportunities for blockchain technology’s application across industries. For close followers of the industry, decentralized finance (DeFi) is just one of the many examples of the unparalleled potential of the Ethereum blockchain.
However, new data published by eToro suggests that rather than the aforementioned big guns of crypto, it is XRP that is the most popular digital currency among the trading venue’s user base. Specifically, about 54.5% of eToro’s users are invested in XRP. Notably, the data only accounts for users counted until April 1, 2020.
According to data published, XRP is followed by Bitcoin, Ether, and Litecoin, with 35.1%, 23.9%, and 14.5% users invested in them, respectively.
Ripple Continues to Expand Its Business Footprint
The immense popularity of XRP shouldn’t come as a surprise to the crypto community. The third-largest cryptocurrency in terms of reported market cap, XRP is one of the front-runners when it comes to digital currencies seeking to make an impactful presence in the multi-billion dollar remittance market.
As reported by BTCManager on March 30, 2020, Spanish banking giant, Santander had announced it would be bringing Ripple’s blockchain-powered international remittance platform RippleNet to Mexico to tap the country’s remittance market.
On a more recent note, BTCManager informed its audience on April 16, 2020, how Ripple had inked a strategic partnership with Malaysian cross-border payment platform MoneyMatch. The partnership essentially allows Ripple to expand the reach of RippleNet to more than 120 countries.
At press time, XRP ranks 3rd on the CoinMarketCap crypto table with a market cap of more than $8 billion – trading at $0.18.